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JPY/USD Weekly Wednesday Volatility-Quoted Options Contract Specs

Contract Unit One futures contract for 12,500,000 Japanese yen
Minimum Price Fluctuation  0.000001 per Japanese yen increment = $12.50
Price Quotation U.S. dollars and cents per Japanese yen increment
Trading Hours Sunday - Friday 5:00 p.m. - 4:00 p.m. with a 60-minute break each day beginning at 4:00 p.m. CT
Product Code CME Globex: VJ1,VJ2,VJ3,VJ4,VJ5
Clearing: VJ1,VJ2,VJ3,VJ4,VJ5
Listed Contracts Weekly contracts listed for 4 consecutive weeks
Settlement Procedures Physical-Exercise into Futures
Termination Of Trading Trading terminates at 4:00 p.m. CT on Tuesday of the contract week.
Position Limits CME Position Limits
Exchange Rulebook CME 253A
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Exercise Style European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed.
In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned.
An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method Deliverable
Underlying Japanese Yen Futures